HomeMy WebLinkAbout#16 - Kwik Trip LOC ReductionSTAFF REPORT
DATE: October 16, 2018
CONSENT #16
AGENDA ITEM: Kwik Trip LOC Release
SUBMITTED BY: Kristina Handt, City Administrator
BACKGROUND: In 2015, Kwik Trip provided the City of Lake Elmo with a Letter of Credit (LOC) in the amount
of $104,971.25 for construction and landscaping improvements at their Hudson Blvd and Keats Ave location. ISSUE BEFORE COUNCIL: Should the Council release the Letter of Credit for Kwip Trip?
PROPOSAL: All construction punch list items have been completed. An inspection was recently completed which found that the landscaping required by the development had been completed and maintained through the two year warranty period. Given that there are no outstanding issues to address, staff
is recommending the Letter of Credit is released. FISCAL IMPACT: $104,971.25 LOC will be returned.
OPTIONS: 1) Approve the Letter of Credit release for Kwik Trip 2) Amend the Letter of Credit reduction for Kwik Trip 3) Do not release the Letter of Credit for Kwik Trip
RECOMMENDATION: If removed from the consent agenda: “Motion to release the Letter of Credit for Kwik Trip.” ATTACHMENTS:
• None